On Wednesday, crude oil prices crossed $50 per barrel during OPEC meeting; India's GDP growth rate for Q2 came in at 7.3 percent.

A man walks past the Bombay Stock Exchange (BSE) building in Mumbai. The markets are likely to open with substantial gains on Thursday (December 1) on the back of two positive triggers — India's GDP growth rate rising to 7.3 percent in Q2 from 7.1 percent in Q1 and OPEC producers likely to agree to an output cut, speculation of which lifted Brent Crude January 2017 prices to a high of $50 per barrel intraday before trading at $49.73 at around 6.41 pm IST. Oil and commodity stocks are poised to gain.Reuters file

Indian stock markets are set for a bullish opening on Thursday (December 1) as a slew of triggers are likely to boost sentiments. While the country's Q2 (July-September 2016) GDP growth rate came in at 7.3 percent as against 7.1 percent in the June quarter, the high possibility of a cap on crude oil output will lift commodity and oil stocks.

Shares of commodity and oil stocks such as HPCL, BPCL, IOC, ONGC, Tata Steel, Hindalco, Hindustan Zinc and Vedanta will be in focus.

On Wednesday, the BSE Sensex gained 258 points to close at 26,652, while the NSE Nifty ended 82 points higher at 8,224.

The Organisation of Petroleum Exporting Countries (OPEC) meeting on Wednesday triggered speculation of an almost-finalised deal to limit crude oil output, reflecting in Brent Crude January 2017 prices rising more than seven percent and breaching the $50 per barrel mark during the day.

"I am very optimistic we're going to come up with very fruitful results. There will be a cut, yes, definitely," Bloomberg quoted Iraqi Oil Minister Jabbar al-Luaibi as saying before the meeting.

In his opening address at the 171st meeting of the 14-member cartel, Mohammed Bin Saleh Al-Sada, Qatar's Minister of Energy and Industry and President of the OPEC Conference, exuded optimism on production, demand and prices.

"This year we expect non-OPEC oil supply to contract by 800,000 barrels a day, compared to growth of 1.5 million barrels a day in 2015. And in 2017, we only see a small growth in non-OPEC supply of 200,000 barrels a day. World oil demand is expected to grow at healthy levels of around 1.2 million barrels a day in both 2016 and 2017," Sada said.

Another influencing factor for markets will be car and two-wheeler sales data for November that will be reported by automobile companies. It will be interesting to watch the impact of demonetisation on volume sales; industry analysts have a broad view that two-wheeler makers would have taken a bigger hit than car and commercial vehicle makers.